Increase in the Reserve Based Lending in the US

Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTC symbol “NSEEF”) is pleased to announce that the Company has closed on a requested increase in its reserve based lending with our US Bank for its US E&P division. The Bank has increased its lending threshold for Norse Energy from USD 6 million to now USD 15 million. Reserve based lending utilizes bank approved and audited net proven production and reserves as collateral for the note. As each increases in value, funds are made available for lending purposes. The borrowing base emphasis is primarily focused on low risk proved production and does not have any principal repayment requirement.

"In a time of declining commodity prices for energy it is particularly important to be able to continually build up reserve base to offset the decline", comments Norse Energy’s CEO Øivind Risberg. "Banks tend to be more conservative in both calculating reserves and estimating future energy prices, so the recent loan increase is further testament to Norse Energy's success in increasing value through its reserve additions. The beauty of reserve based lending for all practical purposes is the rolling credit line nature with no maturity as long as our reserves keeps improving", he notes.

Norse Energy expects to accelerate its reserve based lending leverage into 2009 as the Herkimer wells build the necessary production history.

For further information please contact:
Anders Kapstad, CFO
Cell: +47 918 17 442
Email: akapstad@norseenergy.com

S. Dennis Holbrook, U.S. Investor Relations
Tel.: + 1 (716) 568-2048
Email: dholbrook@norseenergy.com